Company Overview - Lazydays Holdings, Inc.

Business Operations:

• Operates recreational vehicle (RV) dealerships across the United States.
• Manages and operates 22 dealership locations in 11 states as of December 31, 2024.
• Offers a full spectrum of RV-related products and services:
  • Sales of new and pre-owned RVs
  • RV repair and maintenance services
  • Vehicle financing and insurance products through third-party sources
  • Extended service contracts and protection plans
  • Sale of RV parts and accessories
  • Campground facilities

Size and Scale:

• Believed to operate the world's largest RV dealership, located on approximately 126 acres outside Tampa, Florida.
• As of March 24, 2025:
  • Employs approximately 1,100 people.
  • Offers over 4,700 new and pre-owned RVs across its dealerships.
  • Features more than 400 service bays at its locations.

Customers and Market Reach:

• Attracts customers from all U.S. states except Hawaii.
• Relies on digital and traditional marketing efforts to acquire customers.
• Uses customer relationship management tools to actively engage and market to its large customer database.

Financial Performance (2024):

• Total Revenue: $871.56 million
• Net Loss: $163.7 million
• Total Gross Profit: $160.86 million (Gross profit margin of 18.5%)
• Operating expenses (SG&A): $200.09 million
• Principal sources of revenue include:
  • New vehicle retail: $513 million (18.8% decrease from 2023)
  • Pre-owned vehicle retail: $224.86 million (30.4% decrease from 2023)
  • Vehicle wholesale: $13.13 million (64% increase)
  • Finance and insurance: $63.39 million (2% increase)
  • Service, body, parts, and other: $53.88 million (6.5% decrease)

Income and Losses:

• Converted from a loss of approximately $110.27 million in 2023 to a net loss of $163.7 million in 2024.
• The company’s losses are influenced by impairments, increased costs, and strategic asset sales.
• The company’s financial results include impairment charges of $39.09 million in 2024, mainly related to dealerships held for sale and intangible assets.

Additional Details:

• The company engages in strategic asset sales and acquisitions to manage operations.
• It faces challenges such as high debt levels, seasonality, cyclical industry demand, and market conditions affecting sales and margins.
• As of late 2024, the company has significant debt obligations, including a $42.9 million outstanding loan from Coliseum Holdings and a floor plan credit facility of $325 million, with total debt scheduled to mature through 2029.
• The company is actively working to manage liquidity, including a recent PIPE offering raising approximately $28.3 million and a stock exchange agreement converting preferred stock into common shares.